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Credit Suisse Pays $495 Million to Settle Legacy US Case

Started by Epoch-Times-Bot, Oct 17, 2022, 05:15 PM

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Epoch-Times-Bot

Oct 17, 2022, 05:15 PM
Credit Suisse Pays $495 Million to Settle Legacy US Case

ZURICH—Credit Suisse has agreed to pay $495 million to settle a case related to mortgage-linked investments in the United States, the latest pay-out related to past blunders that have battered the Swiss bank’s reputation.
The lender has been paying out billions of dollars to resolve legal cases linked to its residential mortgage-backed securities (RMBS) business in the run up to the 2008 financial crisis.
The decline in mortgage payments reduced the value of the assets, leading to huge losses for investors.
Switzerland’s second biggest bank is trying to move on from these legacy issues which have dogged its performance and cost it billions of dollars....

Source: Credit Suisse Pays $495 Million to Settle Legacy US Case

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